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SHAREHOLDER ALERT: Robbins LLP is Investigating Array Technologies, Inc. (ARRY) on Behalf of Shareholders

SHAREHOLDER ALERT: Robbins LLP is Investigating Array Technologies, Inc. (ARRY) on Behalf of Shareholders

SAN DIEGO & ALBUQUERQUE, N.M.–(BUSINESS WIRE)–
Shareholder rights law firm Robbins LLP is investigating Array Technologies, Inc. (NASDAQ: ARRY) to determine whether certain Array officers and directors violated the Securities Act of 1933 and Securities Exchange Act of 1934, and breached their fiduciary duties to the Company. Array purports to be one of the world’s largest manufacturers of ground-mounting systems used in solar energy projects.

If you suffered a loss due to Array Technologies, Inc.’s misconduct, click here.

Array Technologies, Inc. (ARRY) Failed to Disclose Rising Costs Would Have an Adverse Effect on its Business Operations

According to a complaint filed against the Company, Array’s Offering Materials stated that one of the Company’s strengths related to its management of costs. Specifically, the Offering Materials noted the Company’s “[d]emonstrated ability to reduce the cost of our products while increasing profit margins” and that its “[r]igorous supply chain management [was] supported by a sophisticated enterprise resource planning (“ERP”) system.” With regard to strategy, the IPO Materials explained how the Company leveraged its global supply chain and economies of scale to reduce product cost. However, the Company failed to disclose the then-existing rise of costs related to certain supplies such as steel, as well as the Company’s freight costs.

On May 11, 2021, Array reported lower revenues year-over-year and lower margins. These dismal financial results included a 44% decrease in revenue for the prior year period, a 63% decrease in gross profit, a 69% decrease in adjusted EBITDA, and 71% decrease in adjusted income. The Company blamed increased steel and shipping costs, and noted, “continuing increases in prices of steel and freight costs will impact our margins in the second quarter and potentially subsequent quarters if prices do not normalize.” On this news, Array’s stock price dropped $11.49 per share on May 12, 2021, to close at $13.46 per share.

Array Technologies, Inc. (ARRY) shareholders have legal options. If you would like more information regarding your rights, please contact Lauren Levi at (800) 350-6003 or [email protected], or via our Shareholder Information Form.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Robbins LLP is a nationally recognized leader in shareholder rights law. To be notified if a class action against Array Technologies, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

Lauren Levi

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

[email protected]

(800) 350-6003

www.robbinsllp.com

KEYWORDS: United States North America California New Mexico

INDUSTRY KEYWORDS: Legal Professional Services

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Elmira Savings Bank Reports Second Quarter Earnings

ELMIRA, N.Y., July 21, 2021 (GLOBE NEWSWIRE) — Elmira Savings Bank (NASDAQ:ESBK)

Highlights

  • Net income was $1,402,000 and $2,606,000 for the three and six months ended June 30, 2021 compared to $909,000 and $1,927,000 for the same periods in 2020.
  • Diluted earnings per share were $.40 per share and $.74 per share for the three and six months ended June 30, 2021 compared to $.26 per share and $.55 per share for the same periods in 2020.  
  • Return on average assets was .86% and .81% for the three and six months ended June 30, 2021 compared to .57% and .62% for the three and six months ended June 30, 2020.
  • Return on average equity was 9.03% and 8.48% for the three and six months ended June 30, 2021 compared to 6.12% and 6.52% for the same periods in 2020.

“We are pleased with the improvement in earnings and net interest margin through the first half of the year,” said Thomas M Carr, President and CEO.  Carr continued, “the Bank has successfully navigated through the COVID pandemic up to this point, but we recognize our local economies still face challenges ahead. We are focused on serving our customers and helping our communities return to normal as COVID restrictions continue to be lifted.”

Net Income

Net income totaled $2,606,000 for the six months ended June 30, 2021, an increase of $679,000 or 35% from the $1,927,000 of net income recorded for the same period in 2020. This increase was the net result of an increase in noninterest income of $485,000, an increase in net interest income of $443,000, and a decrease in the provision for loan losses of $475,000, offset by an increase in noninterest expense of $438,000, and an increase in tax expense of $286,000.

Net income totaled $1,402,000 for the three months ended June 30, 2021, an increase of $493,000 or 54% from the $909,000 recorded for the same period in 2020. This increase was the net result of an increase in net interest income of $203,000, a decrease in noninterest expense of $181,000, and a decrease in the provision for loan losses of $575,000, offset by a decrease in noninterest income of $301,000 and an increase in tax expense of $165,000.

Basic and diluted earnings per share for the six months ended June 30, 2021 were both $.74 per share compared to $.55 per share for both for the same period in 2020. Basic and diluted earnings per share for the three months ended June 30, 2021 were both $.40 per share compared to $.26 per share for both for the same period in 2020.

Net Interest Margin

The net interest margin for the six months ended June 30, 2021 was 3.53% compared to 3.07% for the same period in 2020. The yield on average earning assets was 4.17% for the six months ended June 30, 2021 compared to 4.24% for the same period in 2020. The average cost of interest-bearing liabilities was .70% for the six months ended June 30, 2021 compared to 1.38% for the same period in 2020.

The net interest margin for the three months ended June 30, 2021 was 3.48% compared to 2.98% for the same period in 2020. The average yield on earning assets was 4.05% for the three months ended June 30, 2021 compared to 4.11% for the same period in 2020. The average cost of interest-bearing liabilities was .62% for the three months ended June 30, 2021 compared to 1.32% for the same period in 2020.

Assets

Total assets increased $4.1 million or 0.6% to $648.7 million at June 30, 2021 compared to $644.6 million at December 31, 2020. Loans, including loans held for sale, decreased 2.5% to $476.9 million at June 30, 2021 compared to December 31, 2020. The available-for-sale investment portfolio decreased $1.0 million from December 31, 2020 to June 30, 2021. Total cash and cash equivalents were $107.9 million at June 30, 2021, an increase of $18.7 million from December 31, 2020 when cash totaled $89.2 million.

Nonperforming Loans

Our nonperforming loans to total loans ratio was 1.07% at both June 30, 2021 and December 31, 2020. Net loan charge-offs to average loans for the six months ended June 30, 2021 was 0.05% compared to 0.09% for the six months ended June 30, 2020. The allowance for loan losses was 1.23% of total loans at June 30, 2021 and 1.19% of total loans at December 31, 2020.

Liabilities

Deposits total $551.2 million at June 30, 2021, an increase of $4.2 million or 0.8% from the December 31, 2020 total of $547.0 million. Borrowed funds totaled $26.0 million as of June 30, 2021, a decrease of $3.0 million from December 31, 2020 when borrowed funds totaled $29.0 million.

Shareholders’ Equity

Shareholders’ equity increased $1,614,000 to $62.4 million at June 30, 2021 compared to December 31, 2020. The current level of shareholders’ equity equates to a book value per share of $17.57 at June 30, 2021, compared to $17.23 at December 31, 2020. Dividends paid for common shareholders were $0.15 and $0.30 for the three and six months ended June 30, 2021 and $0.15 and $0.38 for the three and six months ended June 30, 2020.

Elmira Savings Bank, with $648.7 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with five offices in Chemung County, NY; three offices in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; and a loan center in Broome County, NY.

Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank’s regulatory reports.

 
 
ELMIRA SAVINGS BANK
CONSOLIDATED BALANCE SHEET
(unaudited)
                       
(in thousands, except for share and per share data)   June 30,


 		  December 31,


 		   
      2021       2020     % Change
ASSETS                      
                       
Cash and due from banks   $ 107,383     $ 88,536     21.3 %
Federal funds sold and other short-term investments     488       651     -25.0 %
Total cash and cash equivalents     107,871       89,187     20.9 %
                       
Securities available for sale, at fair value     5,082       6,125     -17.0 %
Securities held to maturity – fair value $6,571                      
at June 30, 2021, and $7,211 at December 31, 2020     6,339       6,597     -3.9 %
Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost     8,290       9,054     -8.4 %
                       
Loans held for sale     5,860       5,408     8.4 %
                       
Loans receivable     471,062       483,768     -2.6 %
Less: Allowance for loan losses     5,791       5,755     0.6 %
Net loans     465,271       478,013     -2.7 %
                       
Premises and equipment, net     15,595       15,876     -1.8 %
Bank-owned life insurance     15,700       15,410     1.9 %
Accrued interest receivable     1,375       1,564     -12.1 %
Goodwill     12,320       12,320     0.0 %
Other assets     4,983       5,033     -1.0 %
Total assets   $ 648,686     $ 644,587     0.6 %
                       
LIABILITIES AND SHAREHOLDERS’ EQUITY                      
                       
Deposits   $ 551,245     $ 547,021     0.8 %
Borrowings     26,000       29,000     -10.3 %
Other liabilities     9,066       7,805     16.2 %
Total liabilities     586,311       583,826     0.4 %
                       
Shareholders’ equity:                      
Preferred stock, $1 par value; $1,000 liquidation value per issued share; 5,000,000 shares authorized;                      
10,000 shares issued and none outstanding at June 30, 2021 and at December 31, 2020     9,700       9,700     0.0 %
Common stock, $1 par value; authorized 5,000,000 shares; 3,641,487 shares issued and 3,547,604 outstanding                      
at June 30, 2021 and 3,616,770 shares issued and 3,522,887 outstanding at December 31, 2020     3,641       3,617     0.7 %
Additional paid-in capital     54,331       54,255     0.1 %
Retained earnings     6,740       5,197     29.7 %
Treasury stock, at cost – 93,883 common shares and 10,000 preferred shares                      
at June 30, 2021 and December 31, 2020     (12,202 )     (12,202 )   0.0 %
Accumulated other comprehensive income     115       144     -20.1 %
Total Elmira Savings Bank shareholders’ equity     62,325       60,711     2.7 %
Noncontrolling interest     50       50     0.0 %
Total shareholders’ equity     62,375       60,761     2.7 %
Total liabilities and shareholders’ equity   $ 648,686     $ 644,587     0.6 %
                       

ELMIRA SAVINGS BANK
CONSOLIDATED STATEMENT OF INCOME
(unaudited)
                         
    Three Months Ended   Six Months
    June 30,   Ended June 30,
(in thousands, except for per share data)   2021   2020   % Change   2021   2020   % Change
                         
Interest and dividend income:                        
Interest and fees on loans   $ 4,861   $ 5,451   -10.8 %   $ 10,073   $ 11,073   -9.0 %
Interest and dividends on securities                        
Taxable     130     177   -26.6 %     273     390   -30.0 %
Non-taxable     67     72   -6.9 %     136     154   -11.7 %
Total interest and dividend income     5,058     5,700   -11.3 %     10,482     11,617   -9.8 %
                         
Interest expense:                        
Interest on deposits     544     1,342   -59.5 %     1,269     2,759   -54.0 %
Interest on borrowings     174     221   -21.3 %     352     440   -20.0 %
Total interest expense     718     1,563   -54.1 %     1,621     3,199   -49.3 %
Net interest income     4,340     4,137   4.9 %     8,861     8,418   5.3 %
Provision for loan losses     –     575   -100.0 %     150     625   -76.0 %
Net interest income after provision for loan losses     4,340     3,562   21.8 %     8,711     7,793   11.8 %
                         
Noninterest income:                        
Service fees     304     255   19.2 %     612     586   4.4 %
Gain on sale of loans held for sale     643     1,084   -40.7 %     1,854     1,519   22.1 %
Other service fees     230     186   23.7 %     440     374   17.6 %
Earnings on bank-owned life insurance     98     97   1.0 %     200     195   2.6 %
Other     72     26   176.9 %     166     113   46.9 %
Total noninterest income     1,347     1,648   -18.3 %     3,272     2,787   17.4 %
                         
Noninterest expense:                        
Salaries and benefits     2,152     2,070   4.0 %     4,459     4,214   5.8 %
Net occupancy     377     435   -13.3 %     1,003     829   21.0 %
Equipment     384     385   -0.3 %     826     785   5.2 %
Marketing and public relations     167     146   14.4 %     408     323   26.3 %
Professional fees     157     149   5.4 %     304     315   -3.5 %
Other     667     900   -25.9 %     1,604     1,700   -5.6 %
Total noninterest expense     3,904     4,085   -4.4 %     8,604     8,166   5.4 %
Income before income taxes     1,783     1,125   58.5 %     3,379     2,414   40.0 %
Income taxes     381     216   76.4 %     773     487   58.7 %
Net income     1,402     909   54.2 %     2,606     1,927   35.2 %
Less: Net income attributable to noncontrolling interest     –     –   –       –     –   –  
                         
Net income attibutable to Elmira Savings Bank   $ 1,402   $ 909   54.2 %   $ 2,606   $ 1,927   35.2 %
                         
                         
Basic earnings per share   $ 0.40   $ 0.26   53.8 %   $ 0.74   $ 0.55   34.5 %
                         
Diluted earnings per share   $ 0.40   $ 0.26   53.8 %   $ 0.74   $ 0.55   34.5 %
                         
Weighted average shares outstanding – basic     3,519,141     3,507,136   0.3 %     3,516,924     3,505,240   0.3 %
                         
Weighted average shares outstanding – diluted     3,520,074     3,507,136   0.4 %     3,517,694     3,506,864   0.3 %
                         
Dividends per share   $ 0.15   $ 0.15   0.0 %   $ 0.30   $ 0.38   -21.1 %
                         

ELMIRA SAVINGS BANK 
AVERAGE BALANCES AND INTEREST RATES
 
(Dollars in Thousands) For the Three Months Ended  
  June 30, 2021   June 30, 2020
ASSETS: Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
Loans $ 477,423   $ 4,861   4.06 %   $ 528,659   $ 5,451   4.12 %
Short-term investments   429     –   0.02       1,328     –   0.02  
Securities   20,207     197   3.91       24,909     249   4.01  
Total interest-earning assets   498,059     5,058   4.05       554,896     5,700   4.11  
                           
Noninterest-earning assets   155,769               92,109          
                           
TOTAL ASSETS $ 653,828             $ 647,005          
                           
LIABILITIES AND SHAREHOLDERS’ EQUITY                          
Interest-bearing deposits $ 436,184   $ 544   0.50     $ 431,681   $ 1,342   1.25  
Borrowings   26,000     174   2.64       43,583     221   2.01  
Total interest-bearing liabilities   462,184     718   0.62       475,264     1,563   1.32  
                           
Noninterest-bearing liabilities   129,345               111,951          
Shareholders’ equity   62,299               59,790          
                           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 653,828             $ 647,005          
Interest rate spread         3.43 %           2.79 %
Net interest income/margin     $ 4,340   3.48 %       $ 4,137   2.98 %
                           

ELMIRA SAVINGS BANK 
AVERAGE BALANCES AND INTEREST RATES 
 
(Dollars in Thousands) For the Six Months Ended 
  June 30, 2021     June 30, 2020  
ASSETS: Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate  
Loans $ 481,512   $ 10,073   4.19 %   $ 520,069   $ 11,073   4.25 %
Short-term investments   523     –   0.02       1,037     1   0.27  
Securities   20,733     409   3.96       26,364     543   4.12  
Total interest-earning assets   502,768     10,482   4.17       547,470     11,617   4.24  
                           
Noninterest-earning assets   148,290               75,922          
                           
TOTAL ASSETS $ 651,058             $ 623,392          
                           
LIABILITIES AND SHAREHOLDERS’ EQUITY                          
Interest-bearing deposits $ 436,456   $ 1,269   0.59     $ 426,337   $ 2,759   1.30  
Borrowings   26,464     352   2.64       37,669     440   2.31  
Total interest-bearing liabilities   462,920     1,621   0.70       464,006     3,199   1.38  
                           
Noninterest-bearing liabilities   126,196               99,925          
Shareholders’ equity   61,942               59,461          
                           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 651,058             $ 623,392          
Interest rate spread         3.47 %           2.86 %
Net interest income/margin     $ 8,861   3.53 %       $ 8,418   3.07 %
                           

          Quarter Ended
           
(Dollars in Thousands, Except Per Share Data)   6/30/2021   3/31/2021   12/31/2020   9/30/2020   6/30/2020
Operating Data                    
                                 
  Net income $ 1,402   $ 1,204   $ 1,284   $ 948   $ 909  
  Net interest income   4,340     4,521     4,310     3,852     4,137  
  Provision for loan losses   –     150     375     450     575  
  Non-interest income   1,347     1,925     2,504     1,928     1,648  
  Non-interest expense   3,904     4,700     4,771     4,155     4,085  
                     
Performance Statistics                    
                     
  Net interest margin   3.48 %   3.57 %   3.24 %   2.81 %   2.98 %
  Annualized return on average assets   0.86 %   0.75 %   0.78 %   0.55 %   0.57 %
  Annualized return on average equity   9.03 %   7.93 %   8.40 %   6.27 %   6.12 %
  Annualized net loan charge-offs to avg loans   0.06 %   0.03 %   0.03 %   0.04 %   0.09 %
  Net charge-offs   74     40     38     57     116  
  Efficiency ratio   68.6 %   72.9 %   70.0 %   71.9 %   70.6 %
                     
Per Share Data                    
                     
  Basic earnings per share $ 0.40   $ 0.34   $ 0.37   $ 0.27   $ 0.26  
  Diluted earnings per share   0.40     0.34     0.37     0.27     0.26  
  Dividend declared per share   0.15     0.15     0.15     0.15     0.15  
  Book value   17.57     17.34     17.23     17.01     16.87  
  Common stock price:                    
    High   15.05     15.96     13.25     11.18     13.39  
    Low   13.23     11.48     10.44     10.30     10.49  
    Close   14.31     13.50     11.50     11.02     11.00  
  Weighted average common shares:                    
    Basic   3,519     3,515     3,512     3,509     3,507  
    Fully diluted   3,520     3,515     3,512     3,509     3,507  
  End-of-period common shares:                    
    Issued   3,641     3,636     3,617     3,617     3,617  
    Treasury   94     94     94     94     94  
                         
                         
Financial Condition Data:                    
General                    
  Total assets $ 648,686   $ 659,333   $ 644,587   $ 674,032   $ 675,862  
  Loans, net   465,271     476,383     478,013     504,946     518,698  
  Intangibles   12,320     12,320     12,320     12,320     12,320  
  Total deposits   551,245     562,893     547,021     551,350     551,225  
                                   
    Noninterest-bearing   121,534     121,101     109,346     107,423     109,985  
                                   
    Savings   93,351     87,228     82,573     79,492     79,150  
    NOW   111,343     111,414     100,293     98,464     91,166  
    Money Market   32,624     35,011     35,920     34,375     28,467  
    Time deposits   192,393     208,139     218,889     231,596     242,457  
    Total interest-bearing deposits   429,711     441,792     437,675     443,927     441,240  
                                 
  Shareholders’ equity   62,375     61,462     60,761     59,960     59,496  
                     
Asset Quality                    
                     
  Non-performing assets $ 5,023   $ 5,602   $ 5,304   $ 5,507   $ 5,578  
  Non-performing assets to total assets   0.77 %   0.85 %   0.82 %   0.82 %   0.83 %
  Allowance for loan losses   5,791     5,865     5,755     5,418     5,025  
  Allowance for loan losses to total loans   1.23 %   1.22 %   1.19 %   1.06 %   0.96 %
  Allowance for loan losses to                    
    non-performing loans   116.12 %   108.63 %   112.67 %   104.11 %   95.28 %
  Non-performing loans to total loans   1.07 %   1.13 %   1.07 %   1.03 %   1.02 %
                     
Capitalization                    
                     
  Shareholders’ equity to total assets   9.62 %   9.32 %   9.43 %   8.90 %   8.80 %
                         

For further information contact:
Thomas M. Carr, President & CEO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660
[email protected] 



Posted on

MetroCity Bankshares, Inc. Declares Quarterly Cash Dividend

PR Newswire

ATLANTA, July 21, 2021 /PRNewswire/ — MetroCity Bankshares, Inc. (NASDAQ: MCBS) announced today that its board of directors declared a quarterly cash dividend of $0.12 per share on its common stock. The cash dividend is payable on August 12, 2021 to shareholders of record as of August 3, 2021.

About MetroCity Bankshares, Inc.

MetroCity Bankshares, Inc. is a Georgia corporation and a bank holding company for its wholly-owned banking subsidiary, Metro City Bank, which is headquartered in the Atlanta metropolitan area. Metro City Bank currently operates 19 full-service branch locations in multi-ethnic communities in Alabama, Florida, Georgia, New York, New Jersey, Texas and Virginia. To learn more about Metro City Bank, visit www.metrocitybank.bank.

Contact Information

Farid Tan

770-455-4978
[email protected]

Lucas Stewart

678-580-6414
[email protected]

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SOURCE MetroCity Bankshares, Inc.

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DLA Piper advises Learning Technologies Group on US$394 million acquisition of GP Strategies

PR Newswire

NEW YORK, July 21, 2021 /PRNewswire/ — DLA Piper has advised Learning Technologies Group (AIM: LTG.L), a UK-based provider of services and technologies for digital learning and talent management, on its acquisition of GP Strategies Corporation (NYSE: GPX), a US-based global workforce transformation solutions provider.

Learning Technologies Group will acquire GP Strategies for US$20.85 per GP Strategies share in cash, representing a market capitalization of approximately US$394 million. The transaction, which remains subject to regulatory approval, is expected to close in Q4 of 2021. The consideration for the acquisition will be part-funded by a placing of new ordinary shares, which were admitted to trading on July 20, 2021, raising GBP85 million, with the balance being part-funded by up to US$305 million in incremental debt financing (of which US$40 million is to be repaid from GP Strategies’ cash shortly after the acquisition) and out of existing cash resources.

The acquisition of GP Strategies by Learning Technologies Group provides a strong complementary offering to LTG’s existing portfolio and creates an enhanced holistic proposition for clients to help capture long-term structural growth opportunity in the learning and talent management global marketplace.

The DLA Piper cross-border team was led by Corporate partner Charles Severs in the UK and Jonathan Klein in the US. The team also included partners Victoria Rhodes, Martin Penn and Matthew Christmas, legal director Karin Kirschner, senior associate Alexander Yeramian and associates James Croft and Alex Stone in the UK and partners J.A. Glaccum (Houston), Richard Ashley (Chicago), Brad Jorgenson (Austin), Ignacio Sanchez (Washington, DC), Paolo Morante (New York), Ute Krudewagen (Silicon Valley) and William Bartow (Philadelphia); of counsel Angeline Chen and Nicholas Klein (both of Washington, DC); and associates Melissa Sampson, Clayton Culler, Christine Daya (all of Washington, DC), Kenneth Duncan (New York), Mary Claire Blythe (Baltimore) and Priya Narahari (Philadelphia).

Corporate partner Charles Severs said: “LTG is a driven, focused and very active business and DLA Piper is delighted to have had the opportunity to work with the LTG team on this transaction, advising on the equity, debt and M&A aspects.”

“Our strong cross-border team, deep experience in tech sector M&A and broad global platform all contributed to the success of this transaction,” said Jonathan Klein, chair of DLA Piper’s US Mergers and Acquisitions practice.

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex cross-border transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 11 consecutive years, according to Mergermarket.

DLA Piper’s global Technology sector lawyers work across practice areas and offices to support technology clients – from startups to fast-growing and mid-market businesses to mature global enterprises – doing business around the world.

About DLA Piper

DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to help clients with their legal needs around the world. In certain jurisdictions, this information may be considered attorney advertising. dlapiper.com

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SOURCE DLA Piper

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Hess Corporation Sets New Emission Reduction Targets, Demonstrates Industry Leading ESG Performance in Newly Released Annual Sustainability Report

Hess Corporation Sets New Emission Reduction Targets, Demonstrates Industry Leading ESG Performance in Newly Released Annual Sustainability Report

  • Significantly outperformed five year emission reduction targets for 2020
  • Set new five year emission reduction targets for 2025
  • Confirmed economic resilience of Hess portfolio in transition to a lower carbon economy
  • Continued to foster a diverse and inclusive work environment and invest in community programs that advance equal opportunity through education
  • Recognized as an industry leader in environmental, social and governance (ESG) performance and disclosure

NEW YORK–(BUSINESS WIRE)–
Hess Corporation (NYSE: HES) today announced publication of its 24th annual sustainability report, which provides a comprehensive review of the company’s strategy and performance on environmental, social and governance (ESG) programs and initiatives. Hess Corporation’s 2020 Sustainability Report is available on the company’s website at www.hess.com/sustainability/sustainability-reports.

“Our longstanding commitment to sustainability guides our strategy and actions to create value for all of our stakeholders,” CEO John Hess said. “Our strategy aligns with the world’s growing need for the affordable, reliable and cleaner energy necessary to ensure human welfare and global economic development. At the same time, we recognize that climate change is the greatest scientific challenge of the 21st century and support the aim of the Paris Agreement and a global ambition to achieve net zero emissions by 2050. We have set aggressive emission reduction targets and are investing in technological and scientific advances designed to reduce, capture and store carbon emissions.”

Hess Corporation’s 2020 Sustainability Report shows how sustainable business practices are integrated into the company’s strategy, goals and daily operations. Highlights include:

  • Reducing greenhouse gas emissions: In 2020, Hess significantly outperformed its five year targets to reduce Scope 1 and 2 greenhouse gas (GHG) emissions intensity by 25% and flaring intensity by 50% from its operated assets – reducing GHG emissions intensity and flaring intensity by 46% and 59%, respectively, compared to 2014 levels.

    Hess has set five year GHG reduction targets for 2025 – to reduce operated Scope 1 and 2 GHG emissions intensity by 44% and methane emissions intensity by 52% from 2017. These targets exceed the 22% reduction in carbon intensity by 2030 assumed in the International Energy Agency’s (IEA) Sustainable Development Scenario, which is consistent with the Paris Agreement’s less than 2°C ambition.

    The company also is contributing to groundbreaking work by the Salk Institute to develop plants with larger root systems that are capable of absorbing and storing potentially billions of tons of carbon per year from the atmosphere.

  • Conducting scenario based carbon asset risk assessments: In line with the Task Force on Climate-Related Financial Disclosures (TCFD) framework, Hess conducted an annual assessment using the supply and demand scenarios from the IEA to test the resilience of the company’s portfolio against a range of environmental policies and market conditions. Hess’ current asset portfolio is robust and its pipeline of forward investments is projected to provide strong financial returns under the IEA’s Sustainable Development Scenario, which assumes all the pledges of the Paris Agreement are met.
  • Operating safely throughout the pandemic: In 2020, in the midst of the pandemic and the most active Atlantic hurricane season on record, the company achieved a 19% reduction in its workforce total recordable incident rate and a 50% reduction in its workforce lost time incident rate compared with 2019. In 2020, Hess also reached a five year low in its severe and significant safety incident rate, achieving a nearly 10% reduction from 2019.

    Since early 2020, a multidisciplinary emergency response team has been overseeing plans and precautions to reduce the risks of COVID-19 in Hess’ work environment. The company also has provided financial and volunteer support for a variety of community relief efforts.

  • Advancing diversity, equity and inclusion: Hess has a longstanding commitment to diversity, equity and inclusion in its workplace and the communities where it operates. In 2020, Hess extended unconscious bias training to all Hess employees, expanded its employee resource groups and held listening sessions with employees from underrepresented groups to inform future actions. The company also continued to make investments to advance equal opportunity and economic growth in the communities where it operates, with a particular focus on education and work skill development.
  • Maintaining top quartile ESG performance: In 2020, Hess achieved leadership status in the CDP Global Climate Analysis for the 12th consecutive year and earned a place on the Dow Jones Sustainability Index for North America for the 11th consecutive year. Hess was ranked No. 9 on the 2020 list of 100 Best Corporate Citizens and was the only U.S. oil and gas company included in the Bloomberg Gender-Equality Index. Hess also was the only U.S. oil and gas company awarded a Level 4 star rating by the Transition Pathway Initiative in their September 2020 report based on the company’s efforts to support the transition to a low carbon economy and mitigate climate change in line with TCFD recommendations.

Hess Corporation’s 2020 Sustainability Report was prepared in accordance with the Core level for sustainability reporting under the Global Reporting Initiative (GRI) Standards, an independent organization that provides the world’s most widely recognized sustainability reporting and disclosure standards. Preparation of the report was informed by TCFD recommendations and oil and gas industry metrics from the Sustainability Accounting Standards Board (SASB). The report has been third-party assured by ERM Certification and Verification Services.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on the company is available at www.hess.com.

Cautionary Statements

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: information about sustainability goals and targets and planned social, safety and environmental policies, programs and initiatives; our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, natural gas liquids and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects and proposed asset sale; and future economic and market conditions in the oil and gas industry.

Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward- looking statements: fluctuations in market prices of crude oil, natural gas liquids and natural gas and competition in the oil and gas exploration and production industry, including as a result of COVID-19; reduced demand for our products, including due to COVID-19 or the outbreak of any other public health threat, or due to the impact of competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring as well as fracking bans; disruption or interruption of our operations due to catastrophic events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks or health measures related to COVID-19; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control; the ability to satisfy the closing conditions of the proposed asset sale; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services; any limitations on our access to capital or increase in our cost of capital, including as a result of weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation, including heightened risks associated with being a general partner of Hess Midstream LP; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission.

As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

Investor Contact:

Jay Wilson

(212) 536-8940

[email protected]

Media Contact:

Lorrie Hecker

(212) 536-8250

[email protected]

KEYWORDS: North America United States Ireland United Kingdom Europe New York

INDUSTRY KEYWORDS: Utilities Oil/Gas Natural Resources Environment Finance Energy Professional Services Other Natural Resources

MEDIA:

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Distributors Announce Proposed Opioid Settlement Agreement

Distributors Announce Proposed Opioid Settlement Agreement

CONSHOHOCKEN, Pa. & DUBLIN, Ohio & IRVING, Texas–(BUSINESS WIRE)–
AmerisourceBergen (NYSE: ABC), Cardinal Health (NYSE: CAH) and McKesson (NYSE: MCK) announced today that they have negotiated a comprehensive proposed settlement agreement which, if all conditions are satisfied, would result in the settlement of a substantial majority of opioid lawsuits filed by state and local governmental entities.

While the companies strongly dispute the allegations made in these lawsuits, they believe the proposed settlement agreement and settlement process it establishes, which is outlined below, are important steps toward achieving broad resolution of governmental opioid claims and delivering meaningful relief to communities across the United States. The companies remain deeply concerned about the impact the opioid epidemic is having on individuals, families, and communities across the nation and are committed to being part of the solution.

The proposed settlement agreement is the result of years of negotiation with state attorneys general and representatives of the subdivisions. If the proposed settlement agreement and settlement process leads to final settlement through the process outlined below, it would collectively provide thousands of communities across the United States up to approximately $21 billion over 18 years. It would also establish a clearinghouse that consolidates data from all three distributors, which will be available to the settling states to use as part of their anti-diversion efforts.

Subject to certain future milestones described below and the level of participation, the companies would be responsible for up to the following contributions, payable over 18 years:

  • AmerisourceBergen: $6.4 billion
  • Cardinal Health: $6.4 billion
  • McKesson: $7.9 billion

The proposed settlement agreement would become binding only if all conditions outlined below are satisfied:

Approval of State and

Territorial Participation

For the next 30 days, all U.S. States, territories and Washington DC will have the opportunity to join the settlement, except West Virginia which settled previously with the companies. After the conclusion of the state sign-on period, each company will independently determine whether a sufficient number of states have joined to warrant continuing with the political subdivision sign-on period.

Approval of Political

Subdivision Participation

If the distributors decide that sufficient states have joined, each participating state will continue to offer its political subdivisions, including those that have not sued, the opportunity to participate in the settlement for an additional 120-day period. After the conclusion of the political subdivision sign-on period, each company will independently determine whether a sufficient number of states and a sufficient number of political subdivisions have joined for the settlement to proceed to implementation.

If the conditions are satisfied, the settlement would become effective 60 days after the distributors determine that there is sufficient participation to proceed. During this 60-day period, the participating states and the distributors would cooperate to obtain consent judgments in each participating state embodying the terms of the settlement. The companies will make their first annual settlement payment into escrow on or before September 30, 2021, and the payment will be disbursed following the effective date, or returned to distributors if the settlement does not become effective.

If, however, a settlement cannot be finalized and plaintiffs instead choose to pursue their claims in court, the companies will continue to assert their strong legal defenses in pending litigation.

This settlement process only addresses the claims of U.S. state attorneys general and political subdivisions in participating states. The West Virginia subdivisions and Native American tribes are not part of this settlement process.

Cautionary Statements Regarding Forward Looking Statements

The preceding descriptions of a potential resolution of certain governmental entities’ opioids-related claims against pharmaceutical distribution companies constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that involve risks and uncertainties that could cause actual results to differ materially from those in those statements. It is not possible to identify all such risks and uncertainties. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. Except to the extent required by law, the companies undertake no obligation to publicly update forward-looking statements. Risk factors include, but are not limited to: the settlement process may not result in a resolution of all or any claims against each company regarding its role in distributing opioids; the companies may continue to experience costly and disruptive legal disputes and settlements related to distribution of controlled substances, including opioids; the companies might experience losses not covered by insurance; and the companies might be adversely impacted by changes in tax legislation or challenges to their respective tax positions. Investors should read the important risk factors described in each company’s Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission.

About AmerisourceBergen

AmerisourceBergen fosters a positive impact on the health of people and communities around the world by advancing the development and delivery of pharmaceuticals and healthcare products. As a leading global healthcare company, with a foundation in pharmaceutical distribution and solutions for manufacturers, pharmacies and providers, we create unparalleled access, efficiency and reliability for human and animal health. Our 41,000 global team members power our purpose: We are united in our responsibility to create healthier futures.

About Cardinal Health

Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. With 50 years in business, operations in more than 40 countries and approximately 48,000 employees globally, Cardinal Health is essential to care. Information about Cardinal Health is available at cardinalhealth.com.

About McKesson Corporation

McKesson Corporation is a global leader in healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information solutions. McKesson partners with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare to help provide the right medicines, medical products and healthcare services to the right patients at the right time, safely and cost-effectively. United by our ICARE shared principles, our employees work every day to innovate and deliver opportunities that make our customers and partners more successful – all for the better health of patients. McKesson has been named a “Most Admired Company” in the healthcare wholesaler category by FORTUNE, a “Best Place to Work” by the Human Rights Campaign Foundation, and a top military-friendly company by Military Friendly. For more information, visit www.mckesson.com.

AmerisourceBergen

Investor Contact:

Bennett S. Murphy

610-727-3693

[email protected]

Media Contact:

Gabe Weissman

610-727-3696

[email protected]

Cardinal Health

Investor Contact:

Kevin Moran

614-757-7942

[email protected]

Media Contact:

Erich Timmerman

847-887-1487

[email protected]

McKesson

Investor Contact:

Holly Weiss

972-969-9174

[email protected]

Media Contact:

David Matthews

214-952-0833

[email protected]

KEYWORDS: United States North America Ohio Pennsylvania Texas

INDUSTRY KEYWORDS: General Health Health Professional Services Pharmaceutical Legal

MEDIA:

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Sorrento Announces That Its Subsidiary Levena and Its Partner Escugen Have Received Clearance to Begin Clinical Trials With Anti-TROP-2 Antibody Drug Conjugate For Multiple Solid Tumors

  • Anti-TROP-2 coupled to SN38 (a DNA polymerase inhibitor) (ESG-401) has received approval to begin clinical trials.
  • ESG-401 addresses a highly unmet need for the treatment of multiple solid tumors, including triple-negative breast cancer and urothelial carcinoma.

SAN DIEGO, July 21, 2021 (GLOBE NEWSWIRE) — Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) announced today its partner Escugen Biotechnology Co, Ltd. (“Escugen”) and Sorrento’s subsidiary Levena (Suzhou) Biopharma Co., Ltd. (“Levena”) have received an approval letter from the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) for its Application for Clinical Trial (Acceptance No. CXSL2101069) of Recombinant Humanized Anti-Trop2 Mab-SN38 Conjugate.

The TROP-2 ADC (ESG-401) was jointly developed by Shanghai-based Escugen and Levena, and the two companies jointly own the domestic and international patents for this ADC and share global rights for the product.

ESG-401 has potentially distinct differentiating advantages over its competitors in terms of safety, effectiveness and process robustness. Using an innovative, highly stable and cleavable linker, this ADC demonstrated in a series of preclinical studies that it releases very little free toxin during circulation, highly enriches in tumor tissues and rapidly endocytoses, thereby effectively killing tumor cells and inhibiting tumor growth. In the preclinical studies, ESG-401 demonstrated excellent safety, with no off-target or off-tumor toxicity observed in those high-dose, repetitively administered non-human primates. Additionally, ESG-401 showed significant antitumor activity in a variety of tumor models expressing TROP-2, with a low effective dosage and long inhibition time on tumor growth. ESG-401 potentially addresses a highly unmet need for the treatment of multiple solid tumors, including triple-negative breast cancer and urothelial carcinoma.

Sorrento intends to file a US IND for this ESG-401 before the end of the year.

About Sorrento Therapeutics, Inc.

Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers and COVID-19. Sorrento’s multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies (“G-MAB™ library”), clinical stage immuno-cellular therapies (“CAR-T”, “DAR-T™”), antibody-drug conjugates (“ADCs”), and clinical stage oncolytic virus (“Seprehvir™”). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVIGUARD™, COVI-AMG™, COVISHIELD™, Gene-MAb™, COVI-MSC™ and COVIDROPS™; and diagnostic test solutions, including COVITRACK™, COVISTIX™ and COVITRACE™.

Sorrento’s commitment to life-enhancing therapies for patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin (“RTX”), and SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXA™), a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, and to commercialize ZTlido® (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. RTX has completed a Phase IB trial for intractable pain associated with cancer and a Phase 1B trial in osteoarthritis patients. SEMDEXA is in a pivotal Phase 3 trial for the treatment of lumbosacral radicular pain, or sciatica. ZTlido® was approved by the FDA on February 28, 2018.

For more information visit www.sorrentotherapeutics.com.

Forward-Looking Statements

This press release and any statements made for and during any presentation or meeting contain forward-looking statements related to Sorrento Therapeutics, Inc., under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding the potential therapeutic benefits of ESG-401; the potential differentiating advantages of ESG-401 over its competitors; the potential safety and efficacy of ESG-401; the potential for ESG-401 to multiple solid tumors, including triple-negative breast cancer and urothelial carcinoma; and Sorrento’s expected timing for filing a US IND. Risks and uncertainties that could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to: risks related to Sorrento’s and its subsidiaries’, affiliates’ and partners’ technologies and prospects and collaborations with partners, including, but not limited to risks related to conducting and receiving results of clinical trials for ESG-401; the viability and success of using ESG-401 for treatments in therapeutic areas, including triple-negative breast cancer and urothelial carcinoma; clinical development risks, including risks in the progress, timing, cost, and results of clinical trials and product development programs; risk of difficulties or delays in obtaining regulatory approvals; risks that clinical study results may not meet any or all endpoints of a clinical study and that any data generated from such studies may not support a regulatory submission or approval; risks that prior test, study and trial results may not be replicated in future studies and trials; risks of manufacturing and supplying drug product; risks related to leveraging the expertise of its employees, subsidiaries, affiliates and partners to assist Sorrento in the execution of its therapeutic antibody product candidate strategies; risks related to the global impact of COVID-19; and other risks that are described in Sorrento’s most recent periodic reports filed with the Securities and Exchange Commission, including Sorrento’s Annual Report on Form 10-K for the year ended December 31, 2020, and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, including the risk factors set forth in those filings. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and we undertake no obligation to update any forward-looking statement in this press release except as required by law.


Media and Investor Relations Contact


Alexis Nahama, DVM (SVP Corporate Development)
Email: [email protected]

Sorrento® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.

G-MAB™, DAR-T™, SOFUSA™, COVIGUARD™, COVI-AMG™, COVISHIELD™, Gene-MAb™, COVIDROPS™, COVI-MSC™, COVITRACK™, COVITRACE™ and COVISTIX™ are trademarks of Sorrento Therapeutics, Inc.

SEMDEXA™ is a trademark of Semnur Pharmaceuticals, Inc.

ZTlido® is a registered trademark owned by Scilex Pharmaceuticals Inc.

All other trademarks are the property of their respective owners.

©2021 Sorrento Therapeutics, Inc. All Rights Reserved.



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Sabre announces upcoming webcast of second quarter 2021 earnings conference call

PR Newswire

SOUTHLAKE, Texas, July 21, 2021 /PRNewswire/ — Sabre Corporation (“Sabre”) (NASDAQ: SABR) will host a live webcast of its second quarter 2021 earnings conference call on August 3, 2021 at 9:00 a.m. ET. Management will discuss the financial results, as well as comment on the impact of COVID-19 on the business. The webcast is expected to last approximately one hour and will be accessible by visiting the Investor Relations section of Sabre’s website at investors.sabre.com.

A live audio webcast of the session will be available on the Sabre website at investors.sabre.com. A replay of the event will be available on the website for at least 90 days following the event.

About Sabre

Sabre Corporation is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfilment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre’s technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world. For more information visit www.sabre.com.

Website Information 

We routinely post important information for investors on the Investor Relations section of our website, investors.sabre.com, and on our Twitter account, @Sabre_Corp. We intend to use the Investor Relations section of our website and our Twitter account as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website and our Twitter account, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website or our Twitter account is not incorporated by reference into, and is not a part of, this document.

SABR-F

Contacts


Media
 
Kristin Hays 
[email protected] 
[email protected]                                                       


Investors


Kevin Crissey

[email protected] 
[email protected] 

 

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SOURCE Sabre Corporation

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Ford Leaders to Discuss Results for Second-Quarter 2021, Outlook for Full Year During Fireside Chat With Barclays

Ford Leaders to Discuss Results for Second-Quarter 2021, Outlook for Full Year During Fireside Chat With Barclays

DEARBORN, Mich.–(BUSINESS WIRE)–
Senior leaders from Ford will discuss the auto-industry operating environment and financial results for the company’s 2021 second quarter, which will be released on July 28, during an upcoming fireside chat hosted by Barclays autos analyst Brian Johnson. The discussion will take place on Monday, Aug. 2, at 10:00 a.m. ET.

The conversation will also cover execution of the Ford+ plan for growth and value creation. Ford+ prioritizes electric vehicles, the standalone Ford Pro commercial business, and connected and mobility services – all relying on distinctive products, always-on customer relationships and user experiences that get better over time.

From Ford, the webcast will feature:

  • John Lawler, chief financial officer
  • Lisa Drake, chief operating officer, North America, and
  • Lynn Antipas Tyson, executive director, Investor Relations

Participants are encouraged to register for the webcast in advance online. Information is also available at shareholder.ford.com.

About Ford Motor Company

Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for and deepen the loyalty of those customers. Ford designs, manufactures, markets and services a full line of connected, increasingly electrified passenger and commercial vehicles: Ford trucks, utility vehicles, vans and cars, and Lincoln luxury vehicles. The company is pursuing leadership positions in electrification, connected vehicle services and mobility solutions, including self-driving technology, and provides financial services through Ford Motor Credit Company. Ford employs about 186,000 people worldwide. More information about the company, its products and Ford Motor Credit Company is available at corporate.ford.com.

For news releases, related materials and high-resolution photos and video, visit www.media.ford.com.

Equity Investment

Community:

Lynn Antipas Tyson

914.485.1150

[email protected]

Fixed Income

Investment Community:

Karen Rocoff

313.621.0965

[email protected]

Shareholder

Inquiries:

1.800.555.5259 or 313.845.8540

[email protected]

Media:

Ford Media Center

[email protected]

KEYWORDS: United States North America Michigan

INDUSTRY KEYWORDS: Off-Road Trucks & SUVs Automotive Manufacturing Other Transport Motorcycles Trucking Fleet Management Manufacturing Aftermarket Transport Automotive Other Technology Technology Alternative Vehicles/Fuels Other Automotive General Automotive Public Transport Tires & Rubber Recreational Vehicles Performance & Special Interest

MEDIA:

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TradeUP Acquisition Corp. Announces Closing of Initial Public Offering and Partial Exercise of Underwriter’s Over-Allotment Option

PR Newswire

NEW YORK, July 21, 2021 /PRNewswire/ — TradeUp Acquisition Corp. (NASDAQ: UPTDU, the “Company”) today announced the closing of its initial public offering of 4,430,000 units at a price of $10.00 per unit, which includes 430,000 units issued pursuant to the exercise of the underwriter’s over-allotment option, for aggregate gross proceeds to the Company of $44,300,000. The Company’s units began trading on the NASDAQ Capital Market (“NASDAQ”) under the ticker symbol “UPTDU” on July 15, 2021. Each unit issued in the offering consists of one share of common stock and half of one redeemable warrant, with each whole warrant exercisable to purchase one whole share of common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be listed on NASDAQ under the symbols “UPTD,” and “UPTDW,” respectively.

US Tiger Securities, Inc. acted as the lead book running manager in the offering. EF Hutton, division of Benchmark Investments, LLC and R.F. Lafferty & Co., Inc. acted as joint book running managers. R.F. Lafferty & Co.,Inc. also acted as qualified independent underwriter.

A registration statement relating to these securities had been filed with the Securities and Exchange Commission (“SEC”) and became effective on July 14, 2021. The offering was being made only by means of a prospectus, copies of which may be obtained, when available, by contacting US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, New York 10022; email: [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About TradeUP Acquisition Corp.

TradeUP Acquisition Corp. is a newly organized blank check company incorporated as a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company has not selected any business combination target and have not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus a search for a target business in the technology industry.


Forward Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statementsare subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

 

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SOURCE TradeUP Acquisition Corp.